Gold holds firm above $2,500 level as US inflation data looms
Gold prices held firm above the $2,500 level on Tuesday as market participants positioned themselves ahead of U.S. inflation data for further clues on the depth of interest rate cuts by the Federal Reserve next week.
Spot gold rose 0.3% to $2,512.38 per ounce by 14:03 p.m. ET (1803 GMT). U.S. gold futures settled 0.4% higher at $2,543.1.
Investors will closely scan through U.S. Consumer Price Index data on Wednesday and the Producer Price Index reading on Thursday.
The CPI for August is expected to have risen by 0.2% month-over-month, unchanged from the previous month, according to a Reuters poll.
Markets are currently pricing in a 67% chance of a 25-basis-point U.S. rate cut at the Fed's Sept. 17-18 meeting, and a 33% chance of a 50-bps cut, the CME FedWatch tool showed.
Spot silver fell 0.3% to $28.26 per ounce.
Platinum gained 0.2% to $939.71 and palladium was up by 2.1% to $966.55.
Source: Reuters
